PeopleKeep Releases Its 2021 QSEHRA Annual Report

SALT LAKE CITY, Feb. 9, 2021 /PRNewswire/ -- PeopleKeep has released its fourth annual usage report on the qualified small employer health reimbursement arrangement (QSEHRA) used by employers with fewer than 50 full-time employees.

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PR Newswire

Retrieved on:

Tuesday, February 9, 2021

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Tags:

Healthcare in the United States, Employee compensation in the United States, Corporate taxation in the United States, Health Reimbursement Account, Employee benefits, Tax, Taxation in the United States, Economy, Articles, Patient Protection and Affordable Care Act

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UTAH

Organisation:

PEOPLEKEEP

Website:

https://www.peoplekeep.com

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SALT LAKE CITY, Feb. 9, 2021 /PRNewswire/ -- PeopleKeep has released its fourth annual usage report on the qualified small employer health reimbursement arrangement (QSEHRA) used by employers with fewer than 50 full-time employees.
As the leader in QSEHRA administration software, PeopleKeep is in a unique position to show how small employers across the nationand their employeesuse the health benefit.
The smallest employers offer 33% more in allowances compared to the largest employers who are eligible to provide a QSEHRA benefit.
And, as employers become more used to the budgetary control and simplicity of a QSEHRA, they increase their allowance amounts year-over-year.

PeopleKeep Releases Its 2021 QSEHRA Annual Report

SALT LAKE CITY, Feb. 9, 2021 /PRNewswire/ -- PeopleKeep has released its fourth annual usage report on the qualified small employer health reimbursement arrangement (QSEHRA) used by employers with fewer than 50 full-time employees.

41% increase in allowances since 2018 highlights increased emphasis on employee healthcare for small employers.

As the leader in QSEHRA administration software, PeopleKeep is in a unique position to show how small employers across the nation—and their employees—use the health benefit.

This year's report provides more segmented usage data to better compare your current or potential benefit design to that of similar organizations and continues to include year-over-year trends from previous reports to track usage changes over time.

Key findings include:

The average employee allowance was $360.21, an increase of 41% since 2018.
The smallest employers offer 33% more in allowances compared to the largest employers who are eligible to provide a QSEHRA benefit.
On average, 69% of an employee's offered allowance was reimbursed.
The average reimbursement for health insurance premiums (including major medical, dental, vision, or Medicare) was $367.
After premiums, the most commonly requested reimbursement types remain prescription drugs and office visits, a finding that is consistent over all four years of the study.

"Even with all the challenges that our QSEHRA customers faced in 2020—all of them small businesses and nonprofits—they increased their monthly allowances to unprecedented levels," said Victoria Hodgkins, CEO at PeopleKeep. "This underscores the value a QSEHRA benefit can provide in helping organizations care for their people."

As group health insurance premiums continue to rise each year, more and more small employers are looking to the QSEHRA as an alternative health benefit that provides them with similar tax advantages and more budgetary control. And, as employers become more used to the budgetary control and simplicity of a QSEHRA, they increase their allowance amounts year-over-year.

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SOURCE PeopleKeep